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Prime Minister to Launch Mudra Bank Tomorrow; 5.77 Crore Small Business Units to be Provided Access to Institutional Finance              The Prime Minister Shri Narendra Modi will launch the Micro Units Development and Refinance Agency Ltd. (MUDRA) - a Bank tomorrow at a function at Vigyan Bhavan in the national capital.   Earlier in his Budget Speech for Financial Year (FY) 2015-16, the Union Finance Minister Shri Arun Jaitley had proposed the creation of a Micro Units Development Refinance Agency (MUDRA) Bank, with a corpus of Rs.20,000 crore, and credit guarantee corpus of Rs.3,000 crore. MUDRA, to be set up through a statutory enactment, would be responsible for developing and refinancing through a Pradhan Mantri MUDRA Yojana, all Micro-finance Institutions (MFIs) which are in the business of lending to micro / small business entities engaged in manufacturing, trading and service activities. MUDRA would also partner with State/Regional level coordinators to provide finance to Last...

Finance Bill, 2015 has proposed to increase effective rate of Service Tax from 12.36% to 14%. Wide spread confusion has been created by some renowned TV Channels and Newspapers regarding effective date of change in rate of Service Tax. In this regard, we would like to clarify that change in rate of Service Tax will be effective from the date to be notified after enactment of Finance Bill, 2015. Relevant portion of D.O.F. No. 334/5/2015-TRU dated 28th February, 2015 is produced below: "3.3 The new Service Tax rate shall come into effect from a date to be notified by the Central Government after the enactment of the Finance Bill, 2015." It is worthwhile to mention that there is no change in rate of Service Tax w.e.f. 1st April, 2015. We will keep you updated on this issue as and when such notification is issued.